The Top 4 Misconceptions About Our Real Estate Market

If you’ve been paying attention to the news lately, you already know we’re in the midst of a red-hot seller’s market. Home inventory is low and buyer demand is high, which means sellers have a lot of power. However, I’ve been hearing a lot of misinformation floating around about how people should act in our market, so today I’d like to clear some of that up. Here are the top four misconceptions you should keep in mind:

1. You need a plan before listing your current home. This advice is stopping people from listing, as it’s making sellers believe they’ll have nowhere to go when they sell. Well, since sellers have the power right now, there are a few strategies they can utilize. For example, they could shorten the closing time and do a leaseback, which allows them to stay in the house for a few more months while looking for a new home.

“Keep in mind that homes that sit unsold begin to look stale, and people begin to wonder if there’s something big wrong with it.“

2. Home condition does not matter. Some people believe that because our market is hot, sellers can list their home in any condition and still get a sale. While that’s true, they won’t get anywhere near top dollar. Condition drives the price, so it pays to put in some effort.

3. You can price your house above the market. This simply isn’t true; you need to price your home appropriately. Buyers don’t want to overpay for a house, and many are already fatigued due to submitting losing offers. They’ll hesitate to place an offer on your home, or your home won’t even come up in their search. Keep in mind that homes that sit unsold begin to look stale, and people begin to wonder if there’s something big wrong with it. When this happens, you’ll be dropping your price anyway.

4. You do not need a Realtor. I know the idea of selling your home yourself and saving some money is tempting. However, if it’s not priced right, staged right, and marketed right, you’re leaving money on the table. Most people are also completely unprepared for the many hoops you must jump through in real estate, which is why you want a professional’s help.

If you have any questions about buying or selling, or if you’d like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.